Secure Choice Savings Program for New Jersey... is New York next?

This was provided from my contact at ADP, This email address is being protected from spambots. You need JavaScript enabled to view it..

Often, New York and New Jersey follow each other’s lead in implementing policy. This is a “heads-up” as to what New Jersey is implementing.

New Jersey Governor Phil Murphy signed the New Jersey Secure Choice Act (P.L. 2019 c. 56) in March of 2019, authorizing the creation of the Secure Choice Savings Program – a state-sponsored retirement plan designed to help more private sector employees save for the future.

For NJ businesses who have 25 or more employees, do not offer a retirement program and have been in business for at least two years, they are required to sign up for Retire Ready NJ.

For NJ employers who have 40 or more employees, their implementation deadline is September 15, 2024. Should you fail to register before June 15, 2025

For NJ employers who have 25-39 employees the implementation deadline is set for November 15, 2024.

Again, only for New Jersey, but keep in mind that New York may follow suit.